Hainan Manaslu Acquisition, a blank check company targeting businesses in high growth industries, filed on Wednesday with the SEC to raise up to $60 million in an initial public offering.
The Haikou, China-based company plans to raise $60 million by offering 6 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Hainan Manaslu Acquisition would command a market value of $78 million.
The company is led by CEO and Chairman Zhifan Zhou, the General Manager of investment firm Hainan Winlong Capital, where he leads M&A operations. The company plans to target businesses globally focusing on those with clear strategies in high growth industries, such as high technology and e-commerce, and enterprise values between $200 million and $500 million.
Hainan Manaslu Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol HMACU. Ladenburg Thalmann is the sole bookrunner on the deal.
